SL Green Realty Corp. (NYSE:SLG) and its joint venture partner, Jeff Sutton’s Wharton Properties, announced it has closed on the sale of New York City’s 690 Madison Avenue for $54.5 million.
The property is a five-story, 7,850-square-foot commercial building located on the Upper East Side of Manhattan. The building is fully leased to Richemont’s Van Cleef & Arpels, a French luxury jewelry company.
Gary Phillips and Will Silverman of Eastdil advised on the transaction. The companies did not identify the buyer.
“The sale of 690 Madison Avenue underscores the continued trend of significant demand for flagship locations occupied by high-end retail users along Manhattan’s finest retail corridors,” said Harrison Sitomer, chief investment officer at SL Green. “We’re proud to have positioned the asset to an owner that shares our long-term vision.”
Photo courtesy of LoopNet
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